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Oil prices are heading for weekly losses of around 12% despite Middle East supply concerns.

Oil prices are heading for a sharp weekly decline of about 12%, amid expectations that the war with Iran will subside following the election losses suffered by US President Donald Trump’s party, and amid continued concerns about oil supplies from the Middle East region.

Brent crude futures for January delivery rose $1.57, or 1.6%, to $99.86 a barrel on Friday, while U.S. West Texas Intermediate crude climbed $1.10, or 1.22%, to $91.62 a barrel, marking gains for both benchmarks for the second consecutive day.

Despite this rise, Brent crude is heading for weekly losses of about 12%, while forecasts indicate that West Texas Intermediate crude will decline by approximately the same percentage, following a wave of declines in the markets over the past few days.

The price pressures came after the results of the US midterm congressional elections, in which the Democrats made gains at the expense of the Republicans, amid expectations that the political shifts would lead to a calming of the US-Israeli war against Iran, which has entered its ninth month. FollowPolitics

Oil prices had fallen by about 8% on Wednesday alone, settling at their lowest level in two months, amid growing expectations of easing geopolitical tensions.

Almaalomah.me

A former member of the parliamentary finance committee confirms that there is exaggeration in the figures of next year’s budget.

Former member of the Parliamentary Finance Committee, Mohammed al-Shabaki, confirmed that the figures allocated for financing the budget and the resulting deficit are exaggerated, noting that the government has placed itself in an embarrassing position with such a large budget.

Al-Shabaki told Al-Maalouma, “The government spoke of its intention to rationalize spending, address some shortcomings, and halt official delegations in order to utilize the funds available to support the budget, especially given the reforms announced by the government.”

He added, “Everyone hoped that the upcoming budget would not exceed 140 trillion dinars under any circumstances, but the surprise came when the budget was revealed to be 217 trillion dinars with a deficit exceeding 35 trillion.”

He explained that “preparing the budget with the aforementioned figures and the planned deficit represents an exaggerated number,” indicating that “the government has placed itself in a very embarrassing position with such a budget containing such huge sums and a deficit that exceeded expectations.”

Almaalomah.me

Following Trump’s call, al-Zaidi receives Barack in Baghdad.

Iraqi Prime Minister Ali al-Zaidi discussed with Tom Barrack, US President Donald Trump’s special envoy to Iraq, on Thursday evening the importance of intensifying diplomatic efforts to reduce tensions, contain crises, and prevent the spread of conflicts.

This came during Al-Zaidi’s reception of Barak at his office in Baghdad, according to a statement issued by the Prime Minister’s Media Office and received by Shafaq News Agency.

During the meeting, bilateral relations between Iraq and the United States were discussed, as well as prospects for developing the partnership between the two countries and raising the levels of cooperation in the economic and investment fields, in order to achieve mutual interests and support the development process. Iraqeconomic reports

The meeting also addressed developments in the region, the challenges facing regional security and stability, and the importance of intensifying diplomatic efforts to reduce tensions, contain crises, and prevent the spread of conflicts.

This comes about an hour after a phone call made by al-Zaidi to US President Donald Trump, during which they discussed the latest developments in the region, security developments, and prospects for the next phase.

The call addressed the importance of coordination and consultation between the two countries regarding current challenges, working to support regional stability, and prioritizing dialogue and diplomacy in addressing crises, in order to contain tensions and prevent the escalation of conflict.

Al-Zaydi stressed Iraq’s position calling for respect for the sovereignty of countries, not using its territory as a launching pad for attacks on neighboring countries, and the need to adopt peaceful solutions and constructive dialogue in order to preserve the security of the region and the stability of its peoples.

Shafaq.com

“No blood will be shed”: Pavel Talabani explains the reasons behind the Patriotic Union of Kurdistan’s withdrawal from the Kurdistan Regional Government.

On Thursday, the head of the Patriotic Union of Kurdistan (PUK), Bafel Talabani, announced his party’s decision to withdraw from the Kurdistan Regional Government (KRG) and not to recognize the regional parliament session or any of its outcomes. He also hinted at forming parallel institutions in PUK-controlled areas, while simultaneously affirming his rejection of resorting to violence or bloodshed. ReadDaily News

Talabani said in a televised speech followed by Shafaq News Agency that “the leadership council of the Patriotic Union of Kurdistan decided today to authorize it to make decisions related to this file, and the first decision was not to recognize the session of the Kurdistan Region Parliament, or any outcomes issued from it.”

He added that “the current government has been a caretaker government for two years and has failed to deliver anything to the citizens,” citing the price differences in oil and gasoline between the Kurdistan Region and Baghdad, as well as other issues. He considered these indicators evidence of “the government’s failure to perform its duties.”

He indicated that his party would work to mobilize its capabilities and energies to serve the regions under its jurisdiction.

He pointed out that the steps taken by the Kurdistan Democratic Party will not achieve the desired results, despite the congratulations offered by many countries, considering that the proposed program is unsuccessful and does not serve the citizens.

Pavel Talabani addressed the Democratic Party, saying: “While you are busy making deals and holding sessions marred by irregularities, we are busy coexisting with Baghdad, and we want peace in western, eastern, and northern Kurdistan.”

He added: “My message to the Kurdistan Democratic Party is that you know what you have done is wrong, but I ask you not to frighten our people, for we have pledged to God that we will not allow the blood of any citizen in the Kurdistan Region to be shed.”

Talabani concluded his speech by saying: “If you appoint a president for the region, we will appoint a president for the region. If you form a government for the region, we will form a government. If you appoint a minister, we will appoint a minister here.” He added: “This region is the region of the Patriotic Union of Kurdistan, and we are the ones who sacrificed our blood for it.”

Shafaq.com

Anticipated changes in Iraq’s regional air corridors due to undeclared military activity

An informed source reported on Friday that temporary changes have been made to the air routes leading to Türkiye, Erbil, Sulaymaniyah and Kirkuk, due to military operations whose nature has not yet been revealed.

The source told Shafaq News Agency that the changes include adopting alternative air corridors to the current routes, with their implementation to begin at dawn on November 7 and continue until dawn on November 11.

He added that the nature of the military operations that necessitated these changes remains undisclosed.

In this context, an international navigational warning (NOTAM) was issued imposing temporary restrictions on air traffic in Iraqi airspace, including transit aircraft, as well as flights to or from four main airports, namely Baghdad, Erbil, Sulaymaniyah and Kirkuk airports. Iraqeconomic reports

According to the notice, aircraft will be required to adhere to specific flight paths during the daily restriction period, which extends from 8 a.m. to 2 p.m., noting that these measures may be related to military operations.

Meanwhile, the Security Media Cell commented on this news, stressing that this information does not reflect the reality of the measures taken.

The cell stated in a statement received by Shafaq News Agency that what happened was the designation of a very limited airspace for purely training purposes, within the annual firing exercise carried out by the Air Defense Command for its various weapons, noting that this does not represent a closure of Iraqi airspace or a restriction on air traffic in general.

She explained that the security situation throughout the country is stable, and that the security institutions continue to perform their duties in accordance with the approved plans and procedures, while continuing to monitor developments and take what is necessary to maintain the security and safety of citizens.

Earlier today, the Iranian military confirmed that any new aggression, adventure, or hostile acts in the region will not lead to the reopening of the Strait of Hormuz. An Iranian military spokesman said that the only way to reopen the Strait of Hormuz is for the United States to comply with Tehran’s seven conditions.

US President Donald Trump held a meeting with his top national security advisors for the first time since the US election results were announced to discuss the Iran issue, according to Axios on Friday.

The website stated in its report that Trump is currently considering three options: launching strikes, continuing to economically strangle the Iranian regime, or reaching an agreement that includes major concessions to the Iranians.

Shafaq.com

Ankara: Restarting the Kirkuk-Banias oil pipeline does not pose a threat to Turkey

Turkish Energy and Natural Resources Minister Alparslan Bayraktar said on Friday that the possibility of restarting the Kirkuk-Banias oil pipeline does not pose a threat to the Turkish economy, and he expects joint offshore exploration between Turkey and Syria to take place in the future.

The minister said in statements carried by the official Turkish news agency Anadolu that Syria needs huge investments, and that Turkey does not see the possibility of restarting the Kirkuk-Banias oil pipeline between Iraq and Syria as a threat to it.

He added that cooperation in the fields of energy and mining can contribute to promoting peace, prosperity and stability in Syria and the region, noting that there is a possibility of carrying out offshore exploration operations in Syria in the future, depending on economic feasibility and geological conditions.

It is worth noting that Iraq and Syria signed a memorandum of understanding on July 17, under US auspices, to restart the Kirkuk-Banias pipeline, allowing the resumption of Iraqi oil transport to Mediterranean ports via Syrian territory, in a move aimed at diversifying export outlets and strengthening economic cooperation between the two countries. Iraqeconomic reports

Shafaq.com

Iraqi discussions with NATO regarding regional security

Iraq and NATO discussed their existing partnership and future cooperation, as well as regional security, according to a statement issued by the alliance on its website . Iraqeconomic reports

NATO reported, in a news item translated by Shafaq News Agency, that a high-level delegation from Iraq, headed by National Security Advisor Qasim al-Aboudi, visited the alliance’s headquarters in Brussels, where they met with allies and members of the alliance’s international staff, including Assistant Secretary General for Operations Christian Buck.

The alliance explained that the two sides exchanged views on the partnership between NATO and Iraq, prospects for long-term cooperation, as well as other issues of common interest, including regional security.

According to the statement, cooperation between NATO and Iraq combines the political dialogue that began in August 2024 with practical support. It noted that since 2018, at the request of the Iraqi authorities, the NATO Advisory Mission in Iraq has been working to build capacity and help Iraq develop more sustainable, transparent, inclusive and effective security institutions and armed forces, with the aim of achieving stability in the country, combating terrorism and preventing the return of ISIS.

He further explained that all these efforts are being carried out at the request and with the approval of the Iraqi government, with full respect for Iraq’s sovereignty and territorial integrity.

The statement quoted the NATO Assistant Secretary General for Operations as saying: “We are proud to work side by side, day after day, to enable Iraq to build more sustainable, transparent, inclusive and effective armed forces and security institutions.”

He pointed out that, given the regional security situation, in March, NATO mission personnel in Iraq were transferred from the Middle East region to the headquarters of the Joint Force Command in Naples.

Shafaq.com

Billion-dollar trade through fraudulent means… when “Made in Iraq” circumvents the laws

Economic expert Jalil al-Lami confirmed on Wednesday that the value of goods imported through Jordan has reached approximately $981 million, some of which have been relabeled as “Made in Iraq.” He warned against the manipulation of the country of origin and the placement of labels bearing the phrase “Made in Iraq” on imported goods.

Speaking to Al-Maalouma, al-Lami stated, “The practice of some merchants importing foreign goods, repackaging them, and affixing labels claiming ‘Made in Iraq’ constitutes commercial fraud that harms consumers, national industry, and the Iraqi economy.” He clarified that “changing the label does not alter the true country of origin, nor does it grant the goods the status of a national product.”

He added, “The danger of these practices is compounded when foreign goods benefit from privileges allocated to Iraqi industry, including preferential treatment in government procurement, exemptions, and customs protection. This transforms measures intended to support local products into a means of generating illicit profits and places Iraqi factories at a disadvantage in competition.”

He explained that “manipulation is not limited to the direct importation of foreign goods, but also includes the possibility of re-exporting imported products through intermediary countries and marketing them as if they were manufactured there,” noting “the necessity of distinguishing between legitimate re-export and falsification of origin, as the passage of goods through a particular country does not automatically make them products of that country.”

He pointed out that “Article 28 of the Iraqi Customs Law prohibits foreign products bearing labels that suggest they were made in Iraq, while Article 31 requires proof of the origin of imported goods, which provides a legal basis for prosecuting and holding accountable those who manipulate the country of origin.” Iraqeconomic reports

Almaalomah.me

Al-Fariji reveals the extent of Iraq’s financial losses due to its lack of oil tankers.

Crisis expert Ali Jabbar Al-Fariji explained the extent of the financial loss that Iraq is incurring due to not owning oil tankers to guarantee the export of its oil abroad. Iraqeconomic reports

Al-Fariji told Al-Maalouma, “Despite possessing a huge oil wealth, Iraq does not have a national tanker fleet of sufficient size to enable it to manage the transport and marketing of its oil during crises, a gap that was revealed by the Strait of Hormuz crisis.”

He added that “reports indicate that the Iraqi Oil Marketing Company (SOMO) offered Basra Medium crude for October shipments at a discount of $34.50 per barrel, and heavy crude at a discount of up to $37, compared to the reference prices for export destinations. Some reports estimate that the potential losses from the discounts amounted to about $1 billion during September alone. These are published estimates, not audited financial accounts from the Ministry of Oil.”

He explained that “to realize the extent of the financial exposure, an additional discount of $10 per barrel out of 3 million barrels per day is equivalent to $30 million per day, or $900 million over a month. As for the discounts announced for October shipments, they should not be generalized to all exports, as they vary according to the type of crude, the destination and the contract, and part of them reflects transportation, insurance and war risks.”

In contrast, “Saudi Arabia, through its company Bahri, owns 50 Very Large Crude Carriers (VLCCs), according to its 2025 annual report. Each tanker has a capacity of approximately 2.2 million barrels. In September 2025, the company finalized a deal to purchase nine tankers for $1 billion, an investment that reflects the importance of maritime transport within the oil industry. As for Iraq, its government is considering purchasing ten VLCCs at a potential cost of nearly $2 billion, according to some government statements whose seriousness is unknown. This move could enhance Iraq’s negotiating power and reduce its reliance on foreign shipping companies, but its feasibility depends on operating, insurance, and financing costs, as well as the actual savings it would generate.”

Almaalomah.me